Workflow automation platform Rocketlane is announced it raised a $24 million Series B funding round as it expands the opportunity for professional services teams with AI capabilities. This funding round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. And this brings the total funding raised to $45 million.
Rocketlane widened its proposition from supporting customer onboarding to doubling down on professional services teams with their needs. And most teams manage their processes using a manual patchwork of siloed PSA tools or spreadsheets.
This results in project delays and a hit to profitability. However, Rocketlane gives professional services teams visibility into every aspect of a project: progress made, stakeholders involved, pending/completed tasks, and delayed items – which helps teams prioritize tasks that need their attention while creating an avenue for smooth communication with clients.
In the last year, Rocketlane tripled its revenue and reached over 500 customers, including enterprise companies that have switched to Rocketlane from legacy Professional Services Automation (PSA) tools. And the company’s recent customer wins include OpenGov, LivePerson, Fivetran, Personio, Zenoti, etc.
Rocketlane helps SaaS providers offer an accelerated onboarding journey that holds customers accountable, shortens time-to-value, and helps begin expansion conversations earlier (which increases Net Revenue Retention) right from the first touchpoint. And Rocketlane has launched its own AI functionality with more capabilities in the coming months.
This new funding round will significantly accelerate Rocketlane’s AI roadmap, enabling the development of advanced features and capabilities that enhance client project delivery. And as enterprises focus more on utilizing AI, Rocketlane’s AI-driven capabilities for resource management, efficiency, and productivity are expected to provide a competitive edge.
The company was launched in April 2020 by second-time entrepreneur trio — Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala. Previously, the three of them built a successful in-app messaging (FreshChat) startup that was acquired by Freshworks in 2015 and started Rocketlane in response to problems they faced onboarding their own customers to FreshChat.
Rocketlane also revealed the appointment of Rao Adavikolanu as Chief Marketing Officer (CMO). Adavikolanu’s expertise will be instrumental in driving Rocketlane’s market presence and strategic initiatives.
KEY QUOTES:
“Our unique combination of high-velocity innovation and robust capabilities sets us apart, and has helped us consistently win large, forward-thinking customers, including public companies. With this new investment, we are committed to accelerating our AI roadmap and redefining the client portal experience,” adding, “We have equipped ourselves to handle the challenges of rapid growth, and continue delivering exceptional value to our clients.”
– Srikrishnan Ganesan, CEO & Co-founder, Rocketlane
“In a sea of legacy tools, Rocketlane stands out as a modern, disruptive force in the PSA software landscape with its all-in-one platform. The intuitive interface and unparalleled client-facing experience make managing client projects a breeze. We’re thrilled to partner with Rocketlane as we continue to revolutionize the way we work.”
– Nav Kalra, VP of Professional Services at OpenGov, a Rocketlane customer
“Rocketlane has reshaped enterprise client project delivery, replacing tired, legacy PSA approaches with elegant software and deployment. Speed and agility matter when you become the leader in a category like customer onboarding. Rocketlane has achieved precisely that since their Series A, showing themselves to be both visionaries and incredibly hard-nosed executors. We are thrilled to continue supporting Rocketlane and Sri, Deepak, and Vignesh, founders who lead with a rare blend of thought, culture, and action.”
– Bhaskar Ghosh, Partner at 8VC
“We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers.”
– Jishnu Bhattacharjee, Nexus Ventures Partners
“The Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position. We are excited to reinforce our commitment to them.”
– Vikram Vaidyanathan, Managing Director, Matrix India
“We have accelerated customer wins by 35%, and helped our post-sales teams build stronger partnerships with customers from the start of their journey. Rocketlane elevates our customer experience in delivery with strong automation and consistency into our execution with customers.”
– Rocketlane customer Siva Rajamani, CEO, Everstage
“The team is excited about our upcoming innovations–especially the unique AI capabilities and the first-of-its-kind dynamic client portal in this space–that will expand the gap between Rocketlane and the competition.”
– Srikrishnan Ganesan
